This contract represents a significant extension of the 8-year relationship between the two parties. Marlborough Stirling will integrate its Optimus system, which CIBC is already using for back office administration, with Omiga to provide an end-to-end mortgage solution that will significantly reduce origination and servicing costs. The combined systems will offer straight through processing for loans through their entire life cycle, from initial enquiry to discharge, including application processing, underwriting and servicing.
This is Marlborough Stirling’s second major Omiga contract this year following the five-year UK contract it announced with Bradford & Bingley in June.
David Edwards, managing director mortgages and banking, comments: “Our Straight Through Processing mortgage solution was launched in the UK in July last year and this contract with CIBC demonstrates the practical benefits it can deliver to lenders looking for streamlined business processes, increased automation and the decommissioning of legacy systems. Whether they are looking at compliance with impending regulation or improving productivity our straight through processing capabilities can enable lenders to create a highly efficient mortgage processing operation offering fast turn around and premium service at a very low cost.”
